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The Basics of Life Insurance
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Term vs Whole Life Insurance Which One Do I Need?
With the proper life insurance coverage from D2C Insurance Group, you can be sure that your family is protected now in the event something happens to you in the future. Don't leave their financial future up to chance. Having the right life insurance coverage is vital in proper financial planning. There are two major types of life insurance policies and while both types of policies provide tax-free benefits to your beneficiaries there are some significant differences to consider prior to purchasing a life insurance policy. Upon your passing, life insurance can assist your loved ones during what will likely be one of the most traumatic moments of their lives. It will help ensure that you keep the promises you've made to them today even if you aren't around to fulfill them tomorrow. Be remembered by them as a blessing not a burden.
Term Life Insurance
Term life insurance is a type of life insurance coverage that provides protection for a specified period, known as the "term."
Terms typically range from 5 to 30 years and premium payments will typically stay the same throughout the chosen term.
Once the term expires, the policyholder usually has the option to renew the policy or convert it to a permanent life insurance policy for a significant increase in premium. The policy owner could also choose to let it expire.
Term life insurance is generally more affordable than permanent life insurance options, making it a popular choice for those seeking cost-effective coverage.
Unlike whole life insurance, term life insurance does not accumulate cash value over time and
if the policyholder outlives the term, there is NO cash value or payout, and the coverage ends unless renewed or converted.Term life insurance is generally best suited for individuals with specific temporary needs, such as financial responsibilities during the working years or until specific debts are paid off (i.e. raising kids, paying a mortgage, etc.)
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the policyholder, as long as premiums are paid.
Premium payments will NOT increase throughout the life of the policy.
Whole life offers both a death benefit and a cash value component. A portion of the premium goes towards the death benefit, while another portion goes into the cash value account. The cash value grows over time, usually on a tax-deferred basis, and can be accessed or borrowed against during the policyholder's lifetime.
Premiums for whole life insurance are generally higher than term life insurance due to the lifetime coverage and the cash value feature.
Whole life insurance is considered a long-term financial planning tool because of its lifetime coverage and cash accumulation potential. The death benefit and cash value components are often used for estate planning, providing a source of inheritance or liquidity for beneficiaries.
Some whole life insurance policies offer flexibility in premium payment options, allowing policyholders to pay premiums for a shorter period while still maintaining coverage for life.
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John Smith, Designer
Life Changes So Your Policy Should Too!
The right life insurance policy is as unique as you are and dependent on your individual financial and personal needs. There is no one-size-fits-all policy. As your life evolves, your life insurance coverage will also need to change to reflect your current life needs. Below are just a few good reasons to either purchase or re-evaluate your current life insurance coverage.
You recently got married or divorced
You became a parent or grandparent
You started or expanded a business
Your health or spouse's health has deteriorated
You recently purchased a new home
You are moving
A dependent requires assistance/long-term care
You're providing financial assistance to a parent
Inflation
You are concerned about retirement income
You recently refinanced your home mortgage
You or your spouse recently received an inheritance
You have a sizable estate
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John Smith, Designer
Our Top Rated Carriers
If any of these life changing circumstances apply to you, or you're just curious about how extremely affordable a life insurance policy can be contact us today at no risk or obligation!
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